Verenium Corporation and BP to Extend Cellulosic Ethanol Development Program

A joint development program was established by Verenium Corporation and BP in August 2008 for the advancement of the cellulosic ethanol technology and its commercialization. Verenium Corporation is a leader in the development of high-performance specialty enzymes and next-generation cellulosic ethanol.

Verenium Corporation has announced that it will be extending the joint development program by another month, until April 1. BP will provide $2.5 million to Verenium for co-funding the joint development program for the month of March. Both the companies will continue their cellulosic ethanol program to speed up the development of cellulosic ethanol and its commercialization. Verenium Corporation and BP are continuing their talks for a long-term collaboration.

President and Chief Executive Officer of Verenium, Carlos A. Riva, said both the companies are committed to develop their cellulosic ethanol technology. The details of the extension agreement are available in its current report on Form 8-K that was filed with the SEC (Securities and Exchange Commission) on 1st March 2010.

Source: http://www.verenium.com